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ATM & BranchesSABB makes Saudi Arabia’s first green deposit, via HSBC
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October 2021
RIYADH – Saudi British Bank (SABB) has become the first Saudi Arabian institution to present a green deposit, were SAB deposit funds to HSBC to be used to finance green initiatives.
This deposit represents the first green deposit made by a financial institution in the Kingdom of Saudi Arabia. Thus, SABB confirms its commitment to the principles of societal, environmental and institutional sustainability in the region.
Mr. Mohammed Al-Shaikh, Deputy Managing Director - Treasury at SABB said: It gives us great pleasure to announce the Kingdom’s first green deposit which is a true testament of the pivotal role ESG plays in the bank’s strategy. Our partnership with HSBC puts us in a unique position to expand our offering continuously and provide best in class solutions for our customers and the Kingdom as a whole.
SABB will receive a quarterly, portfolio-level view of how their funds have been deployed to support green projects, and they will be able to manage their green deposit account as simply as a regular deposit account.
Antoine Maurel, Head of Markets & Securities Services, CEEMEA, HSBC, said: “This deal between SABB and HSBC is a fantastic example of the strong relationship and collaboration between the two banks. We’re very happy that SAB has decided to utilise this product, and it was a pleasure to support them throughout the process. We are committed to being the leading bank for ESG solutions in the Middle East and continue to support our clients across the region in establishing their ESG and sustainable frameworks.”
SABB funds deposit at HSBC will be used to provide financing for green projects and initiatives such as renewable energy, energy efficiency, green buildings and biodiversity conservation.
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, P.O. Box 9084 Riyadh 11413, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to theCouncil of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.